[Magpie Ecosystem] Bi-Weekly Update [February 12, 2024]

DAO Grant Programs Biweekly Updates (STIP)
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Brief about Magpie:

Magpie is a suite of protocols focused on supporting the long-term development of other platforms while effectively enhancing opportunities and participation for DeFi users. By integrating with other projects and leveraging their core functionalities, the Magpie Ecosystem aims to streamline the benefits it acquires to facilitate user engagement and support.

Ecosystem Progress:

OpenBlock Dashboard

Over the past two weeks, we deployed the eETH pool, our first LRT Market from EtherFi. On February 12, 2024, the overall TVL from the Magpie Ecosystem within the Arbitrum Network surpassed $132 million.

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After 4 weeks of receiving the STIP from Arbitrum, such amount represents an increase of more than 70%, considering that Magpie had $78 million in TVL prior to beginning the STIP distribution. This represents our second bi-weekly report, demonstrating ongoing TVL growth, this time attributed to our strategic LRT market capture.

Governance Tokens Supply Decrease up to date:

  1. PENDLE: 432,017 + 352,489 = 784,506

  2. dLP: 48,516

  3. GRAIL: N/A

  4. WOM: 2,220,186

Revenue generated during the past two weeks (Jan 29 - Feb 11): $509,194 ($36,371 Daily avg)

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User count

2024-03-28 13.57.01
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Recap of the Previous Two Weeks

ARB Received Last Disbursement: 178,572

  • Magpie Ecosystem: 0x356A5023340AD1f27C1Dc5B6B246E6599566E625

ARB allocated as Incentives in the Last Two Weeks: 210,000

  • Magpie: 12,000 + 3,394 + 4606 = 20,000

  • Penpie: 50,000

  • Radpie: 70,000

  • Campie: 70,000

ARB utilized as Incentives in the Last Two Weeks: 41,468

  • Magpie: 4,984 + 3,394 + 4606 = 12,984

  • Penpie: 24,476

  • Radpie: 4008

  • Campie: 0

Contracts incentivized over the last 2 weeks:

  • Magpie:

- STIP WOM UP Party #1

  • WOM-mWOM Pool on Wombat Exchange

WOM

mWOM

- Incentivize voters who support the MGP/ETH LP on PCS

* Penpie: STIP PENDLE RUSH Event #2

* Radpie: STIP dLP RUSH Event #1

Contract address label Form 23 completed for all addresses: (Yes)

ARB left over: 444,247

Plan for leftover ARB: Incentivize the conversion of PENDLE, dLP, GRAIL, WOM

  • Magpie: Deploy more STIP WOM UP Party events, incentivize LPs

  • Penpie: Deploy more STIP PENDLE RUSH events

  • Radpie: Deploy more STIP dLP RUSH events, incentivize LPs

  • Campie: Deploy STIP GRAIL RUSH event

Summary of Incentives

  1. Magpie

  • We deployed the STIP WOM UP Party #1 with the goal of blackholing WOM tokens from Wombat Exchange by locking them as veWOM. This strategic allocation supports the long-term development of Wombat Exchange and prepares Magpie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network. ~5,000 ARB tokens were claimed by STIP WOM UP Party #1 participants during the event.

  • mWOM-WOM pair - To optimize liquidity for WOM and its liquid wrapper, mWOM, we allocated 3,394 ARB to the WOM-mWOM pool on Wombat Exchange.

  • MGP-ETH bribes - To optimize liquidity for the MGP-ETH pair on PancakeSwap via Arbitrum, we allocated 4,606 ARB to voters who direct CAKE emissions into the liquidity pair via the Cakepie bribery market.

  1. Penpie

We deployed STIP PENDLE RUSH #2 with the goal of blackholing PENDLE tokens from Pendle Finance by locking them as vePENDLE. This strategic allocation supports the long-term development of Pendle Finance and prepares Penpie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network. ~25,000 ARB tokens where claimed by STIP PENDLE RUSH #2 participants during the event.

  1. Radpie

We deployed STIP dLP RUSH #1 with the goal of blackholing RDNT tokens from Radiant Capital by locking them as dLP within Radiant. This strategic allocation supports the long-term development of Radiant Capital and prepares Radpie to offer optimized DeFi opportunities for users via Arbitrum, thereby contributing to the sustainability and adoption of the network. ~4,000 ARB tokens where claimed by STIP dLP RUSH #1 participants during the event.

  1. Campie

Preparing for deployment of STIP GRAIL RUSH #1

Additional Info / Disclosures to Multisig:

* Magpie Team’s multisig:

* STIP Fund receive multisig:

STATS

Magpie (STIP WOM UP Party #1)

  • Number of WOM Blackholed: 2,220,186

  • Amount of WOM blackholed in USD: $67,617

  • Total ARB distributed: 4,984

  • Average daily TVL: $9,009,384

  • Average daily transactions: 234

  • Number of unique user addresses: 3,944

  • Link to Dashboard showing metrics: Dashboard 1 & Dashboard 2

Penpie (STIP PENDLE RUSH #2)

  • Number of PENDLE Blackholed: 352,489

  • Amount of PENDLE blackholed in USD: $1,030,410

  • Total ARB distributed: 18,358

  • Average daily TVL: $74,402,937

  • Average daily transactions: 571

  • Number of unique user addresses: 14,739

  • Link to Dashboard showing metrics: Dashboard 1 & Dashboard 2

Radpie (STIP dLP RUSH #1)

  • Number of dLP Blackholed: 48,516

  • Amount of dLP blackholed in USD: $72,671

  • Total ARB distributed: 4,008

  • Average daily TVL: $28,957,691

  • Average daily transactions: 84

  • Number of unique user addresses: 1,514

  • Link to Dashboard showing metrics: Dashboard 1 & Dashboard 2

Plan For the Next Two Weeks:

Magpie

  • STIP WOM UP Party #2 and #3: 15,000 ARB
  • mWOM/WOM LP: 5,000 ARB
  • Offer bribes to the MGP/ETH pair on Cakepie to increase MGP liquidity: 10,000 ARB

Penpie

  • STIP PENDLE RUSH #3 and #4: 140,000 ARB

Radpie

  • STIP dLP RUSH #2 and #3: 80,000 ARB
  • mdLP/dLP LP: 10,000 ARB
  • WBTC Pool Incentives: 24,000 ARB
  • OKX Radpie integration WBTC Pool incentives: 6,000 ARB

Campie

  • STIP GRAIL RUSH #1 and #2: 100,000 ARB

Contracts that will be incentivized:

Magpie: STIP WOM UP Party #2

Penpie: STIP PENDLE RUSH #3

Radpie STIP dLP RUSH #2

Campie STIP GRAIL RUSH #1

Contract address label Form 23 completed for all addresses: (Yes)

Mechanism for distribution incentives:

Magpie

  • ARB will be distributed to users upon converting WOM into mWOM via Magpie’s STIP WOM UP Party #2 and #3.

  • ARB will be distributed to users who participate as liquidity providers in the mWOM-WOM pair via Wombat Exchange

  • ARB will be distributed as bribes via the Cakepie bribery market to users who vote in support of the MGP-ETH pair

Penpie

ARB will be distributed to users upon converting PENDLE into mPENDLE via Penpie.

Radpie

  • ARB will be distributed to users upon converting dLP into mdLP via Radpie on the STIP dLP RUSH #2 and #3.
  • ARB will be distributed to users who participate as mdLP-dLP liquidity providers via Radpie
  • ARB will be distributed to users who participate as WBTC liquidity providers via Radpie
  • ARB will be distributed through our upcoming OKX wallet integration incentives for the WBTC pool

Campie

ARB will be distributed to users upon converting GRAIL into mGRAIL via Campie.

Summary of incentives plan:

Magpie

  • 15,000 ARB: STIP WOM UP Party #2 and #3
  • 5,000 ARB: mWOM/WOM LP
  • Offer bribes to the MGP/ETH pair on Cakepie to increase MGP liquidity: 10,000 ARB

Penpie

  • 140,000 ARB: Deploy STIP PENDLE RUSH #3 and #4 to blackhole PENDLE tokens and enhance the long-term benefits users can get from Penpie via Arbitrum.

Radpie

  • 80,000 ARB: Deploy dLP RUSH #2 and #3 to blackhole dLP and enhance the long-term benefits users can get from Radpie via Arbitrum.

  • 10,000 ARB: Incentivize mdLP-dLP holders who participate as liquidity providers via Radpie

  • 24,000 ARB: Incentivize WBTC liquidity providers via Radpie

  • 6,000 ARB: Start incentivize WBTC pool to grow user base because this vault offers one of the best WBTC yield in Arbitrum DeFi ecosystem

Campie

  • 100,000 ARB: Deploy STIP GRAIL RUSH #1 and #2 to blackhole GRAIL tokens and enhance the long-term benefits users can get from Campie via Arbitrum

Summary of changes to the original plan:

Magpie:

  • To blackhole WOM tokens from Wombat Exchange, 15,000 ARB will be distributed via the upcoming WOM UP #2 and #3.

  • To enhance mWOM-WOM liquidity, 5,000 ARB will be distributed to the pair liquidity provide via Wombat Exchange.

  • To improve MGP liquidity for Arbitrum users, we plan to offer incentives for voters who support the MGP/ETH pair on Arbitrum through the Cakepie bribery market during the next 14 days: 10,000 ARB are set to be distributed.

Penpie:

  • To blackhole PENDLE tokens from Pendle Finance, 140,000 ARB will be distributed via upcoming the PENDLE RUSH #3 and #4.

Radpie:

  • To blackhole RDNT and dLP from Radiant Capital, 80,000 ARB will be distributed via the upcoming dLP RUSH #3 and #4.
  • To grow the mdLP-dLP liquidity on Arbitrum, 10,000 ARB will be used to incentivize users who participate as mdLP-dLP liquidity providers via Radpie
  • To optimize liquidity in the WBTC pool via Arbitrum, 24,000 ARB will be used to incentivize users who participate as WBTC liquidity providers on Radpie.
  • To maximize the reach of Radpie’s WBTC pool, 6,000 ARB will be distributed for its liquidity providers through our OKX Wallet integration.

Campie:

  • To blackhole GRAIL from Camelot DEX, 100,000 ARB will be distributed via the upcoming STIP GRAIL RUSH #1 and #2.
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